The Convergence of Disruptive Technologies
(Big data, AI, IoT and Blockchain)
This is the era of industrial revolution 4.0 and advancement in the disruptive technologies like big data, artificial intelligence (AI), internet of things (IoT), and blockchain are on the full swing. These technologies are very frequently stated individually. The convergence of these technologies is extremely important in present scenario than ever before and would even more significant in the forthcoming years. Thus, it is crucial to understand how this convergence can create the difference in the future? How will hypersphere leverage the impact of these technologies?
So, let’s begin…
Significance of the Convergence of Big data, AI, IoT and Blockchain for the Future Growth
It is highlight by World Economic Forum in 2019 that data is a new global economy. Some of the prominent business houses also coined that data is a new oil for digital economy. In today’s era, unprecedent amount of digital data is generated and it is estimated that in the last three years, approximately the amount of data digital accumulated that we had generated in last 50 years.
In the digital era, IoT empowered to collect big data, and AI leverage to analyze mammoth of data and discovers useful decisions. Thanks to big data technologies to provide efficient ways to handle (storage and process) huge amount of unstructured and semi structured data. Blockchain technology may complement these disruptive technologies to create distinctive digital representations.
The concept of a fourth industrial revolution cannot be driven by only one advanced technology but the combination of all of them in different dimensions. The huge digital data / big data also witness the challenge of privacy and security.
Convergence of Big Data, AI, IoT and Blockchain can address Privacy, Security, and transparency issues.
The exponential growth of connectivity among man, material, and society, has considerably increased the risks of transparency, privacy and security. The blockchain technology has pave the way to the success of global digital economy via Fintech solutions with immutable ledger that can secure data.
Amalgamation of big data, AI and IoT pose the challenges of privacy and security. The notion of hypersphere is that if IoT lacks security, it could be overcome by the advanced blockchain technology. Similarly, if the AI has the issues with data recording and providing essential privacy, the distributed ledger can enhance it too. Thus, convergence of these technologies can provide best secure solution and it will make the roadmap for the global digital economy. This convergence will enable computing resource sharing, secure digital data aggregation, and create a trustworthy global digital economy.
How the Convergence of Technologies Can Empower Trust in the Digital Ecosystem
We can forge alliance of the technologies (big data, AI, IoT and blockchain) to provide tight security to digital data and win the trust digital of stake holders. This digital ecosystem, where the convergence of the disruptive technologies’ solution develops the indisputable level of trust can help businesses to achieve following:
· Achieve transparency
· Blockchain enabled trading
· Indisputable control over digital data and digital assets
· Monetize data and share idle computing resources and make new business models
In nutshell, the convergence of big data, AI, IoT and blockchain can accelerate to foster the trust in digital ecosystems and expand the acceptance of emerging technologies. Thus, convergence of these technologies would empower and speedup the innovations that digital data and digital assets can bring to the global economy. It will also open up doors to robust and pioneering solutions that manage compliance costs and lower operating risks in the vulnerable environment.
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